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A meeting of the Federal Reserve Board was held in the office

of the Board. on Thursday, June 23, 1921, at 11:20 a.m.

PRESMT T: Governor HardingMr. PlattMr. HamlinMr. MillerMr. MitchellMr. Hoxt an. , Secretary.

The minutes of the meeting of the Board held. June 22nd. were

read arrl on motion approved as amended.

The Governor reported the reserve positions of the several

Federal reserve banks as at close of business June 21st ani the status

Of rediscounts between the Federal reserve banks as of the same date.

The Governor reported rediscount transactions, menber bank

Promissory notes secured by Government obligations, rate 6?-21, as follows:

Date Bank redis-count ing

With Amount Maturities

June 22nd Richmond New York $1 5,000,000 11-15 daysJune 22nd. Dallas Bost an 1,500,000 11-15 days

Letter dated June 16th, from the Chairman of the Federal

Reserve Bank of San Francis co r ecomirending aproval of the application

Of the Los Angeles Trust 8c Savings Bank to purchase the assets and busi-

ness and to assure the liabilities of the Union National Bank of

Pasadena, California.

Approved.

Telegram dated June 22nd, from the Chairman of the Federal

Reserve Bank of St. Louis, advising that the Board of Directors of that

bank had, sibject to review and determination of the Federal Reserve

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1.

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Board, abolished the progressive rate and established, a rate of 6%

on paper secured by United States Treasury notes, effective June 23rd.

Approved.

Letter dated June 21st, from Mr. ICenzel, of the Federal

Reserve Bank of New York, with reference to proposed legislation au-

thorizing the Federal Reserve Banks to establish a pension sy.3tem.

Referred to Governor Harding, Mr. Platt and Mr. Mitchell.

Letter dated June 2Dth, from the Chairman of the Federal

Reserve Bank of Atlanta, requststing authority to purchase a lot and

building for the Nashville Branch at a cost not to exceed ?.1185,000.

Approved.

Letter dated June ath, from the Chairman of the Federal

Reserve Bank of Atlanta, revzstirg authority to purchase far the

Jacksonville Branch for90,000 a vacant lot uixm which it is 1:cropcs ed

to erect a new branch bank building.

Disapproved.

Letter dated June 20th, from the Chairman of the Federal

Reserve Bank of Atlanta, with reference to the proposed arrangements

contenplated in view of the erection of a new building for the New

Orleans Branch.

Referred to the Executive Committee for report tomorrow.

Letter dated June 18th, from the Governor of the Federal

Reserve Bank of New York, detailing proposed methods of accounting for

the expenditures for the new building of that bank, aril detailing a

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proposed plan for setting up a reserve for depreciation.

Referred to Governor Harding, with the request thatthe opinion of other Federal reserve banks besecured in regard to this question.

Draft of letter dated June 2 1st, addressed to the First

rational Bank of Boston, Mass., said draft being previously approved

by the Comptroller of the Currency, regarding a iroposed form of

agreement to be executed by correspondent banks when such correspon-

dent banks desire the first ITat ional Bank of Boston to open as their

agent and in their names irrevocable letters of credit.

Approved.

Memorandum dated June 23rd, from the General Counsel, giving

Opinion in accordance with action of the Board yesterday, in reply to

the inquiry of June 20th from the Wheatgrowers' Asscciation of Spokane,

Wash,

Approved.

At 1:55 the meeting adjourned.

Secretary.

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